One family firm worth billions might have jumped aboard cryptocurrency recently, and it seems the digital currency train is picking up more passengers.
Rumors that billionaire businessman George Soros is looking to invest a portion of his firm’s $25 billion USD in cryptocurrency have made recent headlines and it seems as though the trend is continuing. Unlike the unconfirmed controversy of Soros’ endeavors, reports that Venrock – a venture capital firm founded by The Rockefellers – have cryptocurrency in their business plans are confirmed and the wheels are already in motion.
With the name Rockefellers comes attached a connotation of wealth – and great deals of it. Now known as one of America’s most prominent banking families with one of the world’s largest fortunes, the family have had an early history in oil and have since shifted to other capital investments, including politics and science. With finance and technology as key focuses of the firm, it seems only natural to move into cryptocurrency.
Venrock partner David Pakman took a trip to the Fortune offices to deliver news that the firm is excited to be joining forces with a cryptocurrency investor group, CoinFund, in order to help build foundations for innovative companies based on blockchain technology.
Pakman said that with regards to this new partnership, Venrock “wanted to partner with this team that has been making investments and actually helping to architect a number of different crypto economies and crypto token-based projects”.
CoinFund has made a name for itself, supporting a number of significant hotshots in the world of blockchain, such as CoinList – which helps companies undertake initial coin offerings (ICOs) within regulation standard – as well as chat application maker Kik, and most talked about Telegram, whose ICO has been making both millions of dollar and subsequent headlines.
Jake Brukham, a co-founder of CoinFund, is equally excited about this partnership and said that they’re both looking to create unique interactions between the teams and will be there to “help mentor, advise, and support teams in the space”.
In an interview on a fintech focused show, Balancing The Ledger, Pakman expressed that he wants to see venture capital move away from acting as a gatekeeping industry and thinks that “the advent of crypto is that we have fewer gatekeepers”.
If Pakman is correct, this new partnership between old money and new technology might have more significant developments in financial business that immediately expected.